Table of Contents

The Role of Accounting as an Information System1. Environment and Theoretical Structure of Financial Accounting2. Review of the Accounting Process3. The Balance Sheet and Financial Disclosures4. The Income Statement and Statement of Cash Flows5. Income Measurement and Profitability Analysis6. Time Value of Money ConceptsEconomic Resources7. Cash and Receivables8. Inventories: Measurement9. Inventories: Additional Issues10. Operational Assets: Acquisition and Disposition11. Operational Assets: Utilization and ImpairmentFinancial Instruments and Liabilities12. Investments13. Current Liabilities and Contingencies14. Bonds and Long-Term Notes15. Leases16. Accounting for Income Taxes17. Pensions and Other Postretirement Benefits18. Shareholders' Equity Additional Financial Reporting Issues19. Share-Based Compensation and Earnings per Share20. Accounting Changes and Error Corrections21. The Statement of Cash Flows RevisitedAppendix A: DerivativesAppendix B: Google Financial Statements

About the Author

David Spiceland is Accounting Professor Emeritus at the University of Memphis. He received his BS degree in finance from the University of Tennessee, his MBA from Southern Illinois University, and his PhD in accounting from the University of Arkansas. Professor Spicelands primary research interests are in earnings management and educational research. He has published articles in a variety of journals including The Accounting Review, Accounting and Business Research, Journal of Financial Research, Advances in Quantitative Analysis of Finance and Accounting, and most accounting education journals: Issues in Accounting Education, Journal of Accounting Education, Advances in Accounting Education, The Accounting Educators Journal, Accounting Education, The Journal of Asynchronous Learning Networks, and Journal of Business Education. David has received university and college awards and recognition for his teaching, research, and technological innovations in the classroom. David is a co-author on McGraw-Hills best-selling Intermediate Accounting text, with Mark Nelson and Wayne Thomas. David enjoys playing basketball, is a former all-state linebacker, and is an avid fisherman. Cooking is a passion for David, who served as sous chef for Paula Deen at a Mid-South Fair cooking demonstration. Jim Sepe is an associate professor of accounting at Santa Clara University, where he teaches primarily intermediate accounting in both the undergraduate and graduate programs. Professor Sepe received his BS from Santa Clara University, MBA from the University of California Berkeley, and PhD from the University of Washington. Mark Nelson is the Anne and Elmer Lindseth Dean and Professor of Accounting at Cornell Universitys S. C. Johnson Graduate School of Management. He received his BBA degree from Iowa State University and his MA and PhD degrees from The Ohio State University. Professor Nelson has won ten teaching awards, including an inaugural Cook Prize from the American Accounting Association. Professor Nelsons research focuses on decision making in financial accounting and auditing. His research has been published in the Accounting Review; the Journal of Accounting Research; Contemporary Accounting Research; Accounting, Organizations and Society; and several other journals. He has received the American Accounting Associations Notable Contribution to Accounting Literature Award, as well as the AAAs Wildman Medal for work judged to make a significant contribution to practice. Professor Nelson served three terms as an area editor of The Accounting Review and is a member of the editorial boards of several journals. He also served for four years on the FASBs Financial Accounting Standards Advisory Council. Larry Tomassini is professor of accounting and MIS and director of the accounting honours program at the Ohio State University. He teaches financial accounting courses at the undergraduate and master's levels.